A jump in jobless claims back above 1 million could be a warning the labor market faces a setback with no new fiscal stimulus to boost it.
First time claims for state unemployment benefits rose above 1 million again, a sign to some economists that the economy's rebound could be decelerating.
James Walton, director of inventory and warehousing for Helping Harvest, carries a box of food to a car, in Reading, Pennsylvania, May 29, 2020.back above 1 million could be a warning that the labor market faces a setback and the economy's comeback could be slowing. The number of new claims for unemployment benefits had dropped over the previous two weeks, and that coincided with the end of a $600 weekly federal stimulus check to supplement unemployment benefits. Some economists had seen the decline in claims as a sign that some of those on unemployment were returning to jobs because of the loss of that added benefit.The number of individuals who have been claiming benefits for more than one week continued to decline, falling by 636,000 to 14.
The White House, meanwhile, authorized $300 a week for individuals from FEMA funds, plus asked states to come up with an additional $100. States process the funds individually, so it is unclear how quickly checks will reach many of the unemployed. "Maybe things are not quite as good out there as we thought. It's been a couple weeks since the $600 weekly unemployment checks have gone away. That's pulling out the support from the economic recovery...There's certainly no more PPP. The $1,200 checks are long gone. This isn't a self-sustaining recovery," said Chris Rupkey, chief economist at MUFG Union Bank. "We still need the support of the federal government, and that support has been pulled away.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Initial jobless claims rise above 1 million again, after two weeks of declines“There’s no question that the economic numbers are doing better. So, as we reopen the economy, we see things are getting better,” Treasury Secretary Steven Mnuchin said earlier this week.
Weiterlesen »
Jobless claims climb back above 1 million as recovery in U.S. labor market slowsInitial jobless claims rose in mid-August and topped 1 million again, potentially pointing to an increase in layoffs or a pause in the number of people...
Weiterlesen »
Unemployment Claims Spike Above 1 Million Again As Americans Struggle To Find WorkUnemployment claims spiked above 1 million again as Americans struggle to find work by theothersarahh
Weiterlesen »
Republicans Propose New Stimulus Bill With No Student Loan Relief, Reduced Unemployment BenefitsRepublicans proposed a new stimulus bill with no student loan relief and reduced unemployment benefits
Weiterlesen »
Unemployment Claims Spike Above 1 Million Again As Americans Struggle To Find Work1.1 million people filed jobless claims last week, up from 963,000 the week before.
Weiterlesen »
Rise in U.S. weekly jobless claims clouds labor market recoveryThe number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week, a setback for a struggling U.S. job market crippled by the coronavirus pandemic.
Weiterlesen »